Ocean Power Tech lands A$5M grant for wave power project

|About: Ocean Power Technologies, Inc. (OPTT)|By:, SA News Editor

Ocean Power Technologies (OPTT) jumped nearly 9% today after receiving A$5M in initial grant funding from the Australian Renewable Energy Agency.

The money is earmarked for Victorian Wave Partners, OPTT's 88%-owned subsidiary, and will help finance construction of a planned wave-power station project off the coast of Australia; the grant also requires OPTT to raise outside funding as well as meeting certain performance milestones.

Also, OPTT and the U.S. Energy Department terminate an agreement to deploy one of its PowerBuoys off the coast of Oregon because it was unable to obtain financing to cover “a considerable increase in costs."